Zero Hedge posted some interesting numbers of the deficit for the first two months of fiscal 2013. Almost 25% larger. I’m not familiar with federal spending and revenue cycles but, other than the election, what could explain such an alarming increase. Collapse in government revenues?
Increasingly it seems the only thing holding up the global financial system is Central Bank actions.
This is where I tend to disagree with Strauss and Howe. Nations do not decide their fates. An Aztec king had no inkling that several thousand miles away a Christian military victory over Muslim armies was sealing his fate in 1492. He ruled as he always ruled and his cruelty only bit him in the ass when the Spanish Conquistidores showed up.
Be that as it may, there is no doubt the global debt situation is in full blown crisis mode. It doesn’t have to be an impasse in Washington that sets off the avalanche. Any nation in the G-20 could precipitate it. The world has loaded a gun and Central Banks can’t seem to unload it and if can’t be unloaded it will, somewhere at sometime go off.
“An impasse over the federal budget reaches a stalemate. The president and Congress both refuse to back down, triggering a near-total government shutdown. The president declares emergency powers. Congress rescinds his authority. Dollar and bond prices plummet. The president threatens to stop Social Security checks. Congress refuses to raise the debt ceiling. Default looms. Wall Street panics.”
- Strauss and Howe’s “The 4th Turning”
This was brought up over the debt ceiling debate, and here we are again. Take the time to watch the video.
Does anyone think that these issues, which have been here all this time (for decades as Howe points out in the vid) will be solved? The so-called “Fiscal Cliff” is basically what needs to happen…. Nobody’s going to budge.
Yes, spending needs (will) be cut one way or another.
Yes, the spending of the past will need to be taxed up out of everyone’s ass one way or another.
Does that make everyone cringe and froth with reasons why not? Of course it does and that’s what it’s all about. Everybody’s got theirs, everybody has a reason why “theirs” is more gallant and…. moral…. than the others and fuck anyone who wants a piece, right?
I’m not saying that’s right or wrong, just saying that is an ingredient for exactly what comes our way. It is what it is. All sorts of chiefs and few Indians.
The Norse have a saying “There is no such thing as bad weather, just bad clothing”
The 4th Turning is going to be the bad weather that shows the true value of what we all choose to proverbially wear…..